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Consolidated Balance Sheets (USD $)
May 30, 2014
May 31, 2013
CURRENT ASSETS    
Cash and cash equivalents $ 1,160,630 $ 757,111
Receivables:    
Trade accounts 11,333,609 10,363,221
Other 77,415 166,485
Receivables, gross 11,411,024 10,529,706
Less: Allowance for doubtful accounts 70,000 70,000
Receivables, net 11,341,024 10,459,706
Inventories:    
Raw materials 2,123,313 1,872,541
Finished goods 3,536,326 3,083,272
Inventories, net 5,659,639 4,955,813
Prepaid expenses 1,277,861 1,554,737
Deferred income taxes 559,672 596,267
Total current assets 19,998,826 18,323,634
PROPERTY, PLANT AND EQUIPMENT    
Land 2,769,499 2,769,499
Buildings 18,804,228 18,793,928
Machinery and equipment 66,295,760 64,749,661
Transportation equipment 7,304,711 6,709,355
Property, plant and equipment, gross 95,174,198 93,022,443
Less: Accumulated depreciation 69,502,854 65,927,389
Property, plant and equipment, net 25,671,344 27,095,054
OTHER ASSETS    
Cash surrender value of life insurance 602,353 695,761
Other 1,207,743 1,642,030
Total other assets 1,810,096 2,337,791
TOTAL 47,480,266 47,756,479
CURRENT LIABILITIES    
Checks outstanding in excess of bank balances 1,971,076 1,442,915
Accounts payable 3,719,102 4,809,066
Current portion of long-term debt 369,979 392,850
Line of credit outstanding 2,528,511 1,725,289
Accrued income tax 378,659 53,475
Other accrued expenses 5,953,171 5,427,017
Salary continuation plan 212,970 196,649
Total current liabilities 15,133,468 14,047,261
LONG-TERM LIABILITIES    
Note payable-bank, non-current 4,944,233 5,314,213
Salary continuation plan 920,184 1,032,810
Deferred income taxes 2,969,389 3,304,451
Total long-term liabilities 8,833,806 9,651,474
STOCKHOLDERS' EQUITY    
Common stock - $.66 2/3 par value: Authorized 35,000,000 shares; issued 13,828,793 shares 9,219,195 9,219,195
Additional paid-in capital 6,497,954 6,497,954
Retained earnings 18,728,462 19,273,214
Treasury shares - at cost (2,096,161 shares) (10,932,619) (10,932,619)
Total stockholders' equity 23,512,992 24,057,744
TOTAL $ 47,480,266 $ 47,756,479